Entries for Uncollectible Accounts, using Direct Write Off Method Journalize the following transactions in the accounts of Arrow Medical Co , a medical equipment company that uses the direct write off method of accounting for uncollectible receivables Jan 19 Sold merchandise on account to Dr Sinclair Welby, $64,800 The cost of the merchandise sold was $35,000 July 7 Received $17,500 from Dr Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible Nov 2 Reinstated the account of Dr Sinclair Welby that had been written off on July 7 and received $47,300 cash in full payment If an amount box does not require an entry, leave it blank Jan 19 sale Accounts Payable Dr Sinclair WelbyAccounts Receivable Dr Sinclair WelbyAllowance for Doubtful AccountsCashSales Accounts Payable Dr Sinclair WelbyAccounts Receivable Dr Sinclair WelbyAllowance for Doubtful AccountsCashSales Jan 19 cost Accounts Receivable Dr Sinclair WelbyAccounts Payable Dr Sinclair WelbyCashCost of Merchandise SoldMerchandise Inventory Accounts Receivable Dr Sinclair WelbyAccounts Payable Dr Sinclair WelbyCashCost of Merchandise SoldMerchandise Inventory July 7 Accounts Payable Dr Sinclair WelbyAccounts Receivable Dr Sinclair WelbyAllowance for Doubtful AccountsCashCost of Merchandise Sold Accounts Payable Dr Sinclair WelbyAccounts Receivable Dr Sinclair WelbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Merchandise Sold Accounts Payable Dr Sinclair WelbyAccounts Receivable Dr Sinclair WelbyAllowance for Doubtful AccountsBad Debt ExpenseCash Nov 2 reinstate Accounts Payable Dr Sinclair WelbyAccounts Receivable Dr Sinclair WelbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Merchandise Sold Accounts Payable Dr Sinclair WelbyAccounts Receivable Dr Sinclair WelbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Merchandise Sold Nov 2 collection Accounts Payable Dr Sinclair WelbyAccounts Receivable Dr Sinclair WelbyCashCost of Merchandise SoldSales Accounts Payable Dr Sinclair WelbyAccounts Receivable Dr Sinclair WelbyCashCost of Merchandise SoldSales

The Answer is in the image, click to view ...

Question: Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses

Entries for Uncollectible Accounts, using Direct Write-Off Method

Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables:

Jan. 19.	Sold merchandise on account to Dr. Sinclair Welby, $64,800. The cost of the merchandise sold was $35,000.
July 7.	Received $17,500 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible.
Nov. 2.	Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $47,300 cash in full payment.

If an amount box does not require an entry, leave it blank.

Jan. 19-sale	Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyAllowance for Doubtful AccountsCashSales
	Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyAllowance for Doubtful AccountsCashSales
Jan. 19-cost	Accounts Receivable-Dr. Sinclair WelbyAccounts Payable-Dr. Sinclair WelbyCashCost of Merchandise SoldMerchandise Inventory
	Accounts Receivable-Dr. Sinclair WelbyAccounts Payable-Dr. Sinclair WelbyCashCost of Merchandise SoldMerchandise Inventory
July 7	Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyAllowance for Doubtful AccountsCashCost of Merchandise Sold
	Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Merchandise Sold
	Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyAllowance for Doubtful AccountsBad Debt ExpenseCash
Nov. 2-reinstate	Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Merchandise Sold
	Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Merchandise Sold
Nov. 2-collection	Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyCashCost of Merchandise SoldSales
	Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyCashCost of Merchandise SoldSales

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct...

sold merchandise on account, 12,400, with terms 2/10,net 30. the cost of the merchandise sold was 8,060 gageNOWv2 Online teachin X + akeAssignment/take...

Entries for Uncollectible Accounts, using Direct Write-off Method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct...

eBook Show Me How Calculator Entries for Uncollectible Accounts, using Direct Write-off Method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment...

eBook Show Me How Calculator Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment...

need help soon - eBook Show Me How Calculator Entries for Uncollectible Accounts, using Direct writeOff Method Journalize the following transactions in the accounts of Champion Medical Co, a medical...

Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct...

Entries for Uncollectible Accounts, using Direct Write-Off Method. Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct...

countries for Uncollectible Accounts, using Direct Write-Off Method journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct...

help asap EX 8-3 Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of Canyon River Medical Co. a medical equipment company that...

What is physical distribution? Which major functions does it include?

The following T-accounts contain the December postings to the general ledger of Swoops, Inc. The December 1 postings are beginning balances, while the December 31 postings are closing entries....

nere 3 of al thren Question 2 Whet or the following affect the expected rate of return for a portfolio? Wheyrir or nach secunty held in the portfolio. 2 the probability of various economic states...

Put answer A into the graph below Question 13 Finance: Balon Enterprises is looking to invest in a new product to extend their operations. The new project is expected to require an initial cash...